March 8 is International Women’s Day, a day for celebrating the accomplishments of women around the globe.
But many women still need to make up ground in one key area: retirement security.
Women’s retirement challenges are due to several factors, including a wage gap, longer life expectancies, and time away from the workforce to care for children and elderly parents.
To help close any retirement deficit you may face, contribute as much as you can afford, for as long as you can, to your 401(k) or similar employer-sponsored retirement plan.
Also, try to build an emergency fund containing several months’ worth of living expenses.
With this fund available, you might not have to dip into your retirement accounts to pay for unexpected costs, such as a major home repair.
Finally, maximize your Social Security benefits.
If you can afford to wait until your full retirement age before collecting, your checks will be much bigger.
If you’re married, you might help yourself by coordinating your benefits with those of your spouse.
It’s unfortunate, but women still must travel a more difficult road than men to reach retirement security.
But making the right moves can help ease the journey.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson. Member SIPC.
